资源描述：
《网络经济与金融的应用【外文翻译】》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。
1、本科毕业论文（设计）外文翻译原文：NetworkEconomicswithApplicationtoFinanceNetworksandnetworkexternalitiesplayacentralroleintheNewIndustrialOrganization.Manynetworkindustries,suchastelecommunications,railroadsetc.,arecentraltomoderneconomiclife.Further,theessentialrelationshipsamongthecomponentsofthenetwork,i.e.,com
2、plimentarilyandcompatibility,arepresentinmanynon-networkindustries,includingfinancialintermediationandtheexchangeoffinancialinstrumentsandassets.Inthispaper,weanalyzeandreviewtheessentialfeaturesofnetworksandshowtheirapplicationtofinance.Acrucialfeatureofnetworksisthattheyexhibitnetworkexternalitie
3、s,i.e.,productionorconsumptionpositivesizeexternalities.Inatypicalnetwork,theadditionofanewcustomer(ornetworknode)increasesthewillingnesstopayfornetworkservicesbyallparticipants.Whenanewnodeisaddedtoanetwork,newgoodsarecreated.Consumersdemandthesegoodsthatwereunavailablebefore.Thus,consumersarebett
4、eroffafterthenewnodewasadded.Thebenefitsoftheadditionofanextranode(oranextracustomer)exceedtheprivatebenefitsaccruingtotheparticularnode(orcustomer).Asanexampleofthis,considerasimplestarnetworkconsistingofacentralnodeSandperipheralnodesA,B,C,etc.,asinFigure1.ThiscanbeatelecommunicationsnetworkifSis
5、acentralswitchandA,B,C,etc.arethelocationsofthevariouscustomers.CustomersdemandphonecallsASB,BSA,ASC,etc.Thesearecompositegoods,eachcomprisedoftwocomplementarycomponents;forexampleASBiscomprisedofASandSB.Networksarebytheirnatureself-reinforcing.Thisisjustanotherwayofsayingthattheyexhibitpositivesiz
6、eexternalities.Asadirectconsequenceoftheirself-reinforcingnature,networksfrequentlyexhibitpositivecriticalmass.Thismeansthatnonetworkofsizesmallerthanthispositivesize,calledcriticalmass,iseverobserved,atanyprice.Howdoesthishappen?Becauseoftheself-reinforcingnatureofthenetwork,thesamepricecansupport
7、twodifferentnetworksizesassociatedwithquitedifferentutilitydespitethemultiplicityofequilibriums;oneexpectsthat,foragivenprice,onlythenetworkthatcorrespondstothehighestutilitywillbeobserved.Thus,smallnetwork
